Revenues and operating income are for 2002 season.(1)Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).(2)Current team value compared with latest transaction price.(3)Includes stadium debt.(4)Earnings before interest, taxes and depreciation.(5)Includes benefits.(6)Includes club seats.(7)Team Relative Productivity Score compares the number of wins per player payroll relative to the rest of the NFL. A score of 120 means that the team achieved 20% more victories per dollar of payroll compared with the league average.NA: Not applicable.Team Logos Courtesy NFL.

Cleveland Browns

5

Cleveland Browns
are owned by Randy Lerner,
who bought them
in 1998
for $530 mil.

TRPS(7) 98

The skinnyHow did the small-market Browns, worth $695 million, become the fifth most-valuable team in the NFL? Savvy maneuvering by Commissioner Paul Tabliabue. After Art Modell moved Cleveland's previous football team to Baltimore in 1996 because taxpayers would not build him a stadium, Cleveland's football-starved fans agreed to foot the bill for a new stadium if the NFL gave it a new team. The late Al Lerner (a partner of Modell's with the former Cleveland team that moved to Baltimore) bought the expansion team in 1998 for an expansion fee of $530 million. For his fee Lerner was also handed the keys to one of the highest revenue-producing stadiums in the league. For example, the Browns generated $14 million from luxury suites alone last season.
Major corporate sponsors are MBNA (nyse: KRB), Cleveland Clinic Foundation, FirstEnergy (nyse: FE), Steris (nyse: SE), National City (nyse: NCC).

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